Mondelez Explores Potential Acquisition of Hershey in Landmark Deal

A merger could create a $50 billion food giant as Mondelez revisits its bid for Hershey amid industry challenges and consolidation trends.

Mondelez International has made a preliminary approach to acquire Hershey, reviving a bid first attempted in 2016 with a rejected $23 billion offer.
The potential deal would create a combined company with nearly $50 billion in annual sales, strengthening Mondelez’s position in the global confectionery and snack market.
Hershey’s controlling shareholder, the Hershey Trust, which holds 80% of voting power, would need to approve any acquisition, though it has been diversifying its holdings in recent years.
Skyrocketing cocoa prices, inflation, and the rise of weight-loss drugs are pressuring chocolate makers, driving Mondelez’s interest in expanding scale and diversifying its portfolio.
If successful, the acquisition would surpass Mars’ $35.9 billion deal for Kellanova as the largest consumer merger of 2024, underscoring a wave of consolidation in the packaged food industry.